Shares of CMS Info Systems gained as much as 7% to their day’s high of Rs 239 on the BSE on Wednesday after becoming a potential direct beneficiary of the government’s decision to announce the first-ever Merchant Discount Rate (MDR) on select UPI transactions above Rs 2,000.

The government will introduce MDR on some Person-to-Merchant (P2M) UPI transactions from October 15 onwards, with merchants paying 0.4% on transactions above Rs 2,000, the National Payments Corporation of India (NPCI) announced on Tuesday. A maximum fee of Rs 300 can be levied on such transactions of Rs 75,000 or more.

CMS Info Systems is one of India’s largest cash management and business services companies, offering physical logistics, banking automation and AI-driven technology solutions.

How is CMS Infosystems a beneficiary?

The positive read-through for CMS Info Systems is mainly through a potential shift back towards cash for higher-value merchant transactions.
With a 0.4% MDR on UPI P2M transactions above Rs 2,000 from October 15, higher-value digital payments will no longer be completely free for merchants. This could make cash payments relatively more attractive for some merchants, particularly where transaction values are high and margins are thin.

That could benefit CMS because its core business includes cash logistics, ATM cash management, retail cash management and cash-in-transit services.

CMS Infosystems Q1 results

Cash logistics major CMS Info Systems reported a 10.6% year-on-year decline in consolidated profit after tax (PAT) to Rs 83.7 crore in the first quarter of FY27, compared with Rs 93.6 crore in the same quarter a year ago.Consolidated revenue, however, rose 1.2% year-on-year to Rs 634.7 crore in Q1 FY27 from Rs 627.4 crore in Q1 FY26. EBITDA increased 6.9% year-on-year to Rs 168.8 crore from Rs 157.9 crore, while the EBITDA margin improved to 26.6% in Q1 FY27 from 25.2% in the year-ago quarter.

CMS Info shares have had a rough 2026, down 19% in the last six months and a massive 35% since the beginning of the year. In the last one year, the stock is down 45%.

RBI supports MDR charges

The Reserve Bank of India (RBI) backed the introduction of Merchant Discount Rate (MDR) on large-value UPI transactions, saying the move will help strengthen the long-term sustainability of India’s digital payments ecosystem. In a post on X, the central bank said the move would enable UPI to continue scaling, innovating and serving consumers and businesses across the country.

For nearly seven years, UPI became more and more popular as a transaction could be made so quickly without paying any additional charges. The government has however repeatedly clarified that UPI will remain free for citizens and person-to-person transactions will continue without charges.

While discussing the costs of digital-payment infrastructure, RBI Governor Sanjay Malhotra in August said, “Someone has to pay the cost”. He stressed that the RBI wants digital payments to remain accessible, affordable and safe, but also sustainable.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Rises in petrol, diesel and airfares pushed UK inflation up to its highest level in six months in the year to August.

Inflation accelerated to 3.1% from 2.9% , according to the Office for National Statistics (ONS).

The cost of filling up a vehicle soared in August as the conflict in the Middle East continued to disrupt global oil supplies. Petrol prices jumped to their highest for nearly four years, the ONS said, while diesel also rocketed.

Meanwhile, the cost of flying jumped during the key month for summer getaways.

Overall, motor fuel prices rose by 23% compared to August last year.

Oil hit more than $91 a barrel as the US-Israel war with Iran went on. That compares to around $73 just before hostilities began earlier this year.

As a result, average petrol prices have continued to climb and between July and August, they rose by 9.1p to 161.3p per litre.

“This is the highest price recorded since November 2022,” said the ONS. At that point, Russia’s full-scale invasion of Ukraine had pushed up global energy costs.

Capital Economics said, at this point, the effect of higher oil prices has not spilled over into other areas such as food and drink, where the pace of inflation remained at 1.3% in the year to August.

But its chief UK economist, Paul Dales, said: “Everyone knows that bigger rises in inflation are on their way.”

Grant Fitzner, chief economist at the ONS, said: “Rising crude oil and petrol prices increased both the annual cost of raw materials and the price of goods leaving factories respectively.”

Dales estimates that a combination of higher oil and gas prices and “the eventual ‘first-round’ effect of businesses passing on some of their higher energy costs” will lead to inflation peaking at 4.2% in January.

Steven Bartlett’s holding company Steven.com and Authentic Brands Group have launched OBSN, a joint venture that will invest in and build businesses around creators, with Bartlett saying he aims to deploy up to $400m in creator businesses over the coming years.

The venture, whose name is short for Obsession, was announced in New York yesterday. It was due to debut the same day at a creator-focused event in the city, where Maggie Sellers Reum, investor and founder of Hot Smart Rich, was to moderate a fireside conversation with Bartlett and Jamie Salter, founder and executive chairman of Authentic.

According to the two companies, OBSN is “designed for the world’s most ambitious and consequential creators”. At its centre is a platform providing news, analysis and live experiences for the creator economy, which the partners say is designed to become the sector’s “definitive voice and home”.

How the partnership will work

Under the arrangement, Steven.com will lead OBSN’s media, technology, data and audience-growth operations. Authentic will contribute its expertise in brand building, product, licensing, strategic partnerships and global distribution.

The partners said every deal struck through OBSN would be tailored to the individual creator, whether that involves expanding a media business, developing products, growing licensing programmes, pursuing strategic partnerships or exploring investment and international expansion. They said the venture would provide creators with infrastructure, expertise and long-term partnership as well as capital.

The companies said they see opportunities to deploy hundreds of millions of dollars in the near term into creator-led businesses that meet their criteria.

“The next generation of global media companies and consumer brands will be built around creators. But a global audience of millions is not yet a company, and it certainly should not be the ceiling of a creator’s potential,” said Bartlett.

“Steven.com understands how to build media and audiences around creators, and Authentic understands how to build and extend brands around the world. OBSN brings those capabilities together so ambitious creators can reach the full scale of their ambition. We are aiming to deploy up to $400m in creator businesses over the coming years, OBSN is at the heart of that strategy.”

Matt Maddox, president and chief executive of Authentic, said: “Creators are redefining media and shaping the future of entertainment, with many poised to become multigenerational brands in their own right.”

He added: “By combining our complementary capabilities, we will identify, invest in and scale creator-led IP, capitalizing on a once-in-a-generation opportunity to strategically deploy hundreds of millions of dollars across the creator economy and build the brands of tomorrow.”

The companies behind OBSN

Steven.com is the holding company for Bartlett’s businesses, including The Diary Of A CEO podcast, marketing agency FlightStory, production business FlightCast and investment arm FlightFund. In October 2025 it was valued at $425m following investment from Slow Ventures and Apeiron Investment, with Bartlett retaining more than 90 per cent ownership. In December 2025, Bartlett also announced plans for Founded, a tech news website covering UK and US start-ups.

Authentic owns more than 50 brands, including Reebok, Champion, Ted Baker, Brooks Brothers, Hunter and Sports Illustrated, as well as rights linked to David Beckham, Shaquille O’Neal, Elvis Presley and Muhammad Ali. The company says it works with a network of more than 1,700 licensees and partners in more than 150 countries, and that its brands generate more than $38bn in annual systemwide retail sales. Its portfolio reaches nearly one billion social media followers, according to the company.

The move comes as advertising money shifts towards creators. Business Matters reported last year that creator platforms were forecast to overtake traditional media in global ad revenue for the first time.

OBSN said its creator economy media and events arm is already live, with more than one million followers on Instagram. The partners plan to expand it into new content formats, channels and live experiences, including festivals and official awards. Creators can register interest through the Obsession.com website.

Solar Industries shares fell another 4% on Wednesday to Rs 18,480 apiece on the NSE, extending their decline to more than 17% over two sessions as investors continued to digest the defence major’s Rs 12,951 crore acquisition of South Africa’s Omnia Holdings.

The stock had plunged nearly 14% on Tuesday following the announcement of the all-cash deal to acquire 100% of Omnia’s issued shares for $1.355 billion.

Despite the sharp selloff, Jefferies and Nuvama have advised investors to use the correction as an opportunity to add the stock, pointing to the potential benefits of the acquisition. The deal, Solar Industries’ largest overseas acquisition, is aimed at expanding its global commercial explosives and blasting solutions business, particularly across Africa’s mining markets.

The acquisition is expected to be completed in early to mid 2027, subject to customary conditions, including competition approvals under relevant jurisdiction. Upon successful completion of the transaction, Omnia will be delisted from the Johannesburg Stock Exchange and A2X Markets securities exchange.

Also read | Solar Industries shares crash 14% after acquisition of South Africa’s Omnia Holdings for Rs 12,951 crore

Jefferies on Solar Industries share price

Jefferies maintained its ‘Buy’ call for the shares of Solar Industries with a target price of Rs 28,160 apiece, implying more than 46% upside potential from the stock’s previous closing price of Rs 19,250 apiece. The international brokerage said the bulky acquisition could dilute the company’s FY28-29 EPS by 4-6%, and that for FY30 by 1% on normalised growth assumptions at Omnia. Defence share is likely to fall to 22-25% by FY30, as against 35-40% expected earlier.
However, Jefferies believes the correction offers a heightened opportunity to own a business with a 30% EPS CAGR potential and 25%+ ROE even considering the acquisition. Solar Industries saw its profits rise 10x in the last decade between market share gains globally in explosives, an acquisition in South Africa in 2024 and its foray in defence, the international brokerage noted, adding that management has a healthy track record on sound capital allocation and cash flow focus.“While share of defence on a consolidated basis will likely reduce, we believe that if the EPS CAGR and ROE profile of the consolidated entity remains at 30%+ and 25%+, respectively, any derating should be limited. Solar will likely move from a net cash entity to net debt:equity on consolidation of 1.2x in FY28, but this should quickly reduce to 0.5x by FY30 given strong cash flows,” Jefferies said.

Also read | Solar Industries to acquire South Africa’s Omnia for Rs 12,951 crore in biggest global expansion push

Nuvama on Solar Industries share price

Nuvama also has a ‘Buy’ call on the shares of Solar Industries with a target price of Rs 23,435 apiece, implying around 22% upside potential from the stock’s previous closing price. The brokerage said the acquisition will give Solar Industries enhanced control over Ammonium Nitrate sourcing, currently being externally procured, while expanding global reach.

Although its defence mix falls to 22% (post-deal) versus 27% of FY26 revenue, Nuvama views the debt-funded deal as pro-growth and self-financed.

Solar Industries share price

Solar Industries shares have dropped around 17% in one week and 7% in a month, but overall jumped more than 53% in 2026 so far. The stock has gained 27% in one year.

In the longer term, the shares of the explosives-maker have delivered explosive returns for its shareholders, rallying over 300% in three years and around 850% in five years. The company currently has a market capitalisation of around Rs 1.68 lakh crore.

Also read | Solar’s $1.3 bn bet is a turn for India’s defence-industrial complex

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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The Indian stock market rebounded on Wednesday, with the Sensex and Nifty rising around 0.5% each after Tuesday’s crash wiped out more than Rs 9 lakh crore from Dalal Street.

The Sensex rose over 400 points to above 74,400, while the Nifty 50 gained around 128 points to 23,247 as of 10:45 am. Broader markets remained weak, with the Nifty Smallcap 100 and Nifty Midcap 100 falling up to 0.8%.

Also read | Why Sensex crashed over 1,400 pts from day’s high, Nifty closed below 23,150 on Tuesday

Axis Bank, M&M, ITC and SBI shares rose around 2% to lead gains on Sensex; Reliance Industries, BEL, Adani Ports, HCL Technologies and Sun Pharma shares gained over 1% each. Bucking the trend, TCS, Eternal, NTPC and Tata Steel shares fell around 1% each.

Among the sectors, Nifty FMCG and Nifty PSU Bank indices gained more than 1% each, while Nifty IT, Nifty Metal, Nifty Pharma and few other indices slipped into the red. The overall market breadth remained negative, with NSE seeing 2,082 declines against 1,170 advances, while 108 stocks remained unchanged.

What lies ahead for Dalal Street?

The Federal Reserve is all set to announce the outcome of their FOMC meeting on Wednesday. The American central bank will likely raise its interest rate today, and deliver at least one more hike by the end of March, according to a majority of economists polled by Reuters.
Meanwhile, the weak market construct continues with elevated US bond yields and high crude prices contributing significantly to the weakness, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. So long as these two crucial macros remain high it would be unrealistic to expect a strong rebound in the market, according to the analyst.He noted that FIIs have been sellers in the market during the last 5 days, and with the US 10-year yield at 5%, they are likely to sell at every small rally in the market. In today’s meeting, the Fed is most likely to raise interest rates by 25 bps. However, this is unlikely to impact the market since it is already discounted by the market, Vijayakumar said, adding that more market-moving factors will be the Fed commentary on the evolving macro-outlook and the likely rate action going forward.

Also read | Paytm, MobiKwik, Pine Labs shares rally up to 6% after govt announces UPI fees above Rs 2,000. Why brokerages are bullish

“Even though the market is weak there are stock-specific opportunities in this market. Appointment of a new MD and CEO for HDFC Bank expected soon and the new MDR norms for digital transactions introduced by the NPCI are significant events that can influence the markets,” he added.

Technical view on Nifty

As feared, Nifty’s inability to float above 23515 has invalidated the upside attempt, said Anand James, Chief Market Strategist at Geojit Investments. He noted that the consequent days of closing below the lower Bollinger Band as well as yesterday’s bearish engulfing candle reflect strong bearishness but also point to peaking fear.

“We are still within the support band of 23,260-23,000, lending hopes of a revival, but a close below the same will bring 22,600-21,800 into the radar,” the analyst said, explaining the technical charts for the benchmark index.

Also read | Stocks to buy: BofA lists 22 Indian stocks as key picks as it turns bullish on Nifty after 2 years

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.